No one ever accused Bitfinex of having small ambitions. Just days after it settled a years-long fraud lawsuit with New York’s attorney general over a loan it got from sister company and stablecoin issuer Tether, Bitfinex has launched a crypto-powered online-payments platform to take on payments giants like PayPal.
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Crypto users break 100 million worldwide
A sharp increase to 106 million from the 66 million found in a study last May by Crypto.com can be attributed to PayPal, DeFi, and institutional investors
According to Crypto.com, this growth is largely driven by strong Bitcoin adoption which was a 15.7% increase. Other factors that seem to have driven the sharp upturn in adoption include the huge growth of decentralized finance (DeFi) since last summer, PayPal’s decision to enable customers to hold bitcoin, and the massive institutional adoption of cryptocurrencies by mainstream companies and highly regarded investors like Stanley Druckenmiller.
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Electric company Luzboa will accept Bitcoin to let customers light up the night (Photo: Nuno Lopes/Pixabay)Small Portugese electricity provider turns to Bitcoin to attract customers
Tiny Luzboa hopes to ‘capture a niche’ in Portugal’s wide-open retail power market by letting customers pay their bills with the cryptocurrency
The new payment option will be called Bit Spot and will allow the firm’s customers to pay monthly based on the average monthly price of electricity on the local market. A Luzboa representative said that the firm will create its Bitcoin wallet and launch the new dedicated payment service by the end of this month.
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Bitcoin bull run ‘unsustainable’ unless volatility decreases: JPMorgan
According to the bank’s strategists Bitcoin’s rise since January ‘appears to have been more influenced by speculative flows’ which could render its price unstable
A team of JPMorgan strategists led by market strategist Nikolaos Panigirtzoglou said that the Bitcoin network’s market value increased by about $700 billion over the last five months despite an institutional capital inflow of only $11 billion.
